Vipshop Holdings Ltd. (NYSE: VIPS) reported second-quarter 2026 revenue of RMB24.7 billion ($3.641 billion), above the $3.620 billion estimate, but adjusted earnings of 12 cents per American depositary share missed the 51-cent forecast. Non-GAAP net profit fell 81% year over year to RMB392 million, or about $57.8 million, from approximately RMB2.1 billion, or $306 million, mainly because of a one-time RMB1.56 billion withholding-tax provision on historical dividends remitted from mainland China to Hong Kong. GMV declined to RMB50.6 billion, active customers fell to 42.3 million, orders decreased to 182.4 million, and adjusted operating margin narrowed to 8.1% from 9.3%. Reported net income rose 189% to $634.7 million because of a one-time RMB5.79 billion investment gain tied to the listing of a commercial real estate investment trust. Vipshop forecast third-quarter revenue of $2.992 billion to $3.154 billion, below the $3.180 billion analyst estimate, and approved a new $1 billion share repurchase program. Shares fell 4.9% to $13.62 in premarket trading in the newer report, compared with a 2.65% decline to $13.94 cited earlier.